Montreal - ChitogenX Inc., (CSE: CHGX, OTCQB: CHNXF) ('ChitogenX' or the 'Company'), a clinical-stage regenerative medicine company, today reported its financial results and highlights for the first quarter ended April 30, 2023.
'During the first quarter, the Company further demonstrated the versatility of its ORTHOR technology platform with the confirmation of its residency properties in a second indication following the successful completion of its large animal meniscus tear repair study', said Philippe Deschamps, President, and CEO. 'The potential applications of the ORTHO-R technology platform go well beyond orthopedic applications. Judging from the several collaborations and discussions we are currently holding; we see significant possibilities in the field of regenerative medicine and are actively pursuing them. We also reached a milestone with 20 patients recruited for our clinical trial with no significant safety events reported', continued Deschamps.
Commenting on the first quarter 2024 results, Luc Mainville, ChitogenX' Senior VicePresident, and Chief Financial Officer, said; 'During the first quarter we were able to significantly improve the Company's balance sheet and obtained significant grant funding that will contribute to fund our operations going forward'.
First Quarter 2024 ORTHO-R Program Highlights
In February 2023, the Company successfully confirmed soft-tissue residency properties of its chitosan/PRP based biopolymer matrix, ORTHO-R, in a grantsupported large animal meniscus tear repair study.
First Quarter 2024 Corporate Highlights
In April 2023, the Company changed its auditors from Ernst&Young LLP to Guimond Lavallee, Chartered Professional Accountants Corporation and
In February 2023, the Company obtained, in partnership with Polytechnique Montreal, a $3,472,000 grant from The Natural Sciences and Engineering Research Council of Canada ('NSERC') and Prima Quebec. The 4-year grant will be used to advance the scientific development, expand the scope of indications, develop new biomaterials for regenerative medicine and accelerate the commercial readiness of the Company's flagship ORTHO-R technology platform.
About ChitogenX Inc.
ChitogenX Inc. (formally Ortho Regenerative Technologies Inc.) is a clinical stage regenerative medicine company dedicated to the development of novel therapeutic tissue repair technologies to improve tissue healing. The Company is committed to the clinical development of its proprietary RESTORE technology platform, a muco-adhesive CHITOSAN based biopolymer matrix, specifically designed to deliver biologics such as platelet-rich plasma (PRP) or bone marrow aspirate concentrate (BMAC), to enhance healing in various regenerative medicine applications.
Other formulations are being developed to leverage the technology's performance characteristics such as tissue adhesion, pliability, and ability to deliver biologics or therapeutics to various tissues damaged by trauma or disease.
Forward-Looking Statements
This news release may contain certain forward-looking statements regarding the Company's expectations for future events. Such expectations are based on certain assumptions that are founded on currently available information. If these assumptions prove incorrect, actual results may differ materially from those contemplated by the forward-looking statements contained in this press release. Factors that could cause actual results to differ include, amongst others, uncertainty as to the final result and other risks. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by security laws.
Contact:
Philippe Deschamps
Tel: 614-596-2597
Email: deschamps@chitogenx.com
CHITOGENX INC. 
